BTC Mining Generated $4 Billion, Created 31,000 Jobs

A new study has found that BTC block reward mining created over 31,000 jobs for Americans in 2024 and generated over $4 billion, according to a report by CoinGeek, said to be the definitive authority on blockchain and emerging technologies such as AI and Web3.

The study, conducted by the Texas-based financial analysis firm Perryman Group, was commissioned by the Texas Blockchain Council and the Washington-based advocacy Digital Chamber.

The report found that BTC miners generated $10.56 billion in expenditures in the US, with $4.14 billion in annual gross product in 2024. The miners recorded $2.58 billion in income and created 31,020 jobs, directly and indirectly.

“These enterprises serve as important employers and taxpayers in their local communities, which are often relatively small and rural, as well as providing peripheral benefits to the areas in which they operate,” the report said.

The report also said that the economic benefits for the miners has gone beyond the direct income they generate. These companies can help stabilise electric grids due to their flexible power needs.

However, this flexibility comes at a steep cost for the grid operators and the local communities and has been heavily criticised in some states like Texas, where the grid operator Electric Reliability Council of Texas (ERCOT) has forked out millions of dollars to pay the miners to shut off their equipment. In some instances, the miners could make more than $10 million a month for not mining.

Lawsuits Against Miners

According to CoinGeek’s report, a bill at the Texas Senate, which received overwhelming support from the legislators, sought to cancel the deal ERCOT signed with these miners.

“Firms in the industry are committed to the areas where they are located and to operating in an environmentally responsible manner,” the report further said.

In reality, however, miners have been clashing with locals for years. Today and more dozen lawsuits were filed against the miners for noise pollution in American courts.

Last October, Texas residents sued Marathon Digital over intolerably loud noise conditions from its rigs, which they said has caused serious health conditions for those living near the operations. Greenridge, GMO Internet, and Red Dog have also been sued over similar claims.

Texas remains the US mining capital, accounting for 40% of the country’s mining revenue and over 12,000 new jobs created. With 2,300 jobs and $316 million in revenue, Georgia edged out New York and North Dakota to take second place.

A separate report by AB Bernstein this week revealed that the publicly listed American miners have grown their share of the BTC hashrate to 29%, a 50% rise in the past year. This was attributed to the rise to easy access to capital, land and power.

However, the US President Donald Trump’s aggravated trade wars could soon spell doom for these miners, with some of the biggest ASIC suppliers from China now facing increased scrutiny by the new administration.

Meanwhile, sources at major mining firms told Bloomberg that ASIC exports from Bitmain and some other Chinese suppliers were taking much longer to reach their American clients due to heightened scrutiny by the US border authorities.